Separately, Zacks Investment Research lowered ReneSola from a buy rating to a hold rating and set a $1.75 price target on the stock. in a research report on Tuesday, November 19th.
Shares of ReneSola stock traded up $0.08 during trading hours on Wednesday, reaching $1.61. 603 shares of the company were exchanged, compared to its average volume of 50,326. ReneSola has a 1 year low of $0.86 and a 1 year high of $2.11. The stock’s fifty day moving average is $1.50 and its 200 day moving average is $1.30. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $55.33 million, a PE ratio of 152.94 and a beta of 2.16.
In other news, insider Barlow Todd purchased 21,510 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was bought at an average price of $22.74 per share, for a total transaction of $489,158.91.
A number of large investors have recently bought and sold shares of SOL. Virtu Financial LLC purchased a new position in ReneSola in the third quarter valued at $35,000. Susquehanna International Group LLP lifted its holdings in ReneSola by 21.4% during the 2nd quarter. Susquehanna International Group LLP now owns 190,398 shares of the semiconductor company’s stock worth $244,000 after buying an additional 33,544 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in ReneSola by 1.5% during the 2nd quarter. Renaissance Technologies LLC now owns 764,710 shares of the semiconductor company’s stock worth $979,000 after buying an additional 11,500 shares during the last quarter. 12.41% of the stock is currently owned by hedge funds and other institutional investors.
ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It operates through three segments: solar power project development, EPC services, and electricity revenue generation. The company also develops community solar gardens; and sells projects rights. In addition, its engineering, and procurement and construction business includes engineering design, procurement of solar modules, balance-of-system and other components, and construction contracting and management services.
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